English articles

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Robin sees different investment expectations as a matter of stage. A team still building an MVP and seeking product-market fit will naturally be losing money and needs investors willing to take early-stage risks. After PMF, investors want more numbers and evidence. The critical question is whether the team has found a business model capable of profitability. Expanding staff and replicating at scale before doing so often hastens failure. A Taiwanese team pushed overseas by fundraising narratives or investors before validating its model at home may burn money in both markets without clear results.

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Robin offers eleven startup-mentoring observations. A need ranked thirteenth by customers is a nice-to-have, even if they acknowledge it exists; investors prefer must-haves. Before committing resources, conduct open-ended interviews with thirty target users, one-on-one for two hours each. Test willingness to pay: actual customer payments are the strongest signal. Treat free pilots cautiously, since passing a trial does not guarantee payment. Recycling ventures need full cost-benefit analysis because customers may not pay higher costs. Avoid projects requiring expensive market education where possible. Interview before building even an MVP, and heavily discount stated willingness to pay.

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Robin attributes Taiwan’s strong recent economic performance largely to US–China rivalry and US efforts to move away from Chinese supply chains. Taiwan filled the gap in semiconductors, ICT products, and servers, increasing exports to the United States and its trade surplus. But a US tariff calculation based on the trade-deficit ratio turned that advantage into a disadvantage, producing a higher rate than Japan’s or South Korea’s under the same formula. He sees even greater pressure on traditional industries that already lacked strong global competitiveness and now faced the additional tariff blow.

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Robin and his supervisor asked several startups about preparing for the Taiwan Innovation Board and received cautious responses, largely reflecting doubts about their appeal after listing. He argues that this is precisely the critical moment to plan how to survive a funding winter. Rising global uncertainty will make fundraising harder. He offers four suggestions: customer revenue is preferable to shareholder funding; prepare rather than expecting fundraising to solve everything; create a fresh financing plan investors can believe in; and develop a capital-market plan to improve the ability to endure.

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Robin briefly reviews the dot-com crash: NASDAQ peaked at 5,048.62 on March 10, 2000, and fell to 1,114.11 on October 9, 2002, a decline of roughly 78% over two and a half years. He says 95% of internet companies failed to survive that cycle, while survivors such as Amazon and Google had opportunities to become giants. He asks readers to assess their own resilience: could they last two years, tolerate a 70% unrealized investment loss, and cope with layoffs or mortgage pressures?

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On the day of a Taiwan Innovation Board forum, Robin considers the share-price performance and listing choices of Taiwanese NASDAQ-listed startups GGR and TNMG. A US listing brings challenges in attracting investors, higher listing and ongoing costs, and regulation. He personally suggests that only a sufficiently large venture addressing a substantial regional market, with a top-three position and strong growth, should challenge the US market. Others can use Taiwan’s capital markets. He contrasts the smallest Taipei Exchange-listed companies and relays a senior colleague’s estimate that maintaining a US listing costs at least an additional US$2–4 million annually.

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The opening audio-book summary describes TSMC targeting European and US markets from its first day and growing with customers such as Qualcomm, Broadcom, NVIDIA, Apple, and AMD. Robin adds that earning customers’ trust requires doing certain things better than they can themselves. Only then will they share key technologies and develop the next generation together. TSMC’s achievement, he argues, comes from moving alongside a group of world-leading companies, rather than developing in isolation and assuming it can beat everyone upon emerging.

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The opening news account describes TWSE and the venture capital association encouraging venture firms and their portfolio companies to enter capital markets, including the Taiwan Innovation Board. Robin relays the association chairman’s hope that ten listed venture firms of 3–5 billion each could provide 30–50 billion for sustained early- and mid-stage investment in Taiwan. The latter amount would be less than roughly 0.02% of national wealth, yet could support transformation and upgrading. Although VC is a small alternative-investment category, he notes its backing behind many of the largest US companies.

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The opening passage relays Rework’s view that a single employee mistake should not trigger an elaborate new policy: tell the employee it was wrong and move on. Drawing on underwriting experience, Robin notes how incidents generate rules and supplementary guidance that accumulate over time. Systems are rarely reviewed or reduced. Measures that appear to prevent misconduct can instead create bureaucracy, lost flexibility, and slow action. He cites public-sector processes designed to spread responsibility, producing paperwork and overtime but relatively little value.

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The opening reprint asks founders to consider three questions before approaching investors: why did this happen, what solutions are available, and which is best and why? Robin adds that investors do not want to hear only when a crisis is already urgent. Thinking through the problem and options first makes a better impression. Raising more money should not be the sole answer, nor does relying on investors’ money help founders develop. Ideally, portfolio-company discussions concern the pleasant challenges of growing too fast, receiving acquisition offers, or choosing among listing invitations.

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The opening audio summary of 馬斯克邏輯 contrasts Errol Musk with his son: similar personalities did not produce similar achievements, reflecting differences in timing and environment. Robin adds that Taiwan has its own entrepreneurial setting, positioned between the United States and China, near Japan and rapidly growing Southeast Asia. People who grew up in Taiwan and choose to start companies there should consider how to use its geographical advantages and resources.

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While researching the IP industry, Robin notes Pop Mart’s market capitalization of around HK$285.5 billion, approximately NT$1.15 trillion—comparable to Quanta and above ASE, Chunghwa Telecom, and Cathay Financial. Its P/E is about 38, falling to an estimated 26–32 if growth is factored in. He leaves readers to judge the valuation but stresses that it makes real profits. He contrasts prestigious academic credentials with the achievements of Hon Hai’s Terry Gou and Pop Mart’s Wang Ning. Not yet forty, Wang was reportedly worth roughly US$20 billion and described as Henan’s richest person.

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Robin reviews Taiwan’s projected 2025 GDP growth of 7.41% and export growth around 32%, while traditional manufacturing, machining, and machine tools remain under tariff pressure. Since 2017, US–China rivalry, the pandemic, and AI have successively benefited Taiwan’s supply chain. Electronics, AI, and semiconductors gain directly; finance gains indirectly; many other people feel little benefit while prices and housing rise. He offers a personal view that rising housing costs keep well-paid technology workers striving, using ASPEED employees as an example. Academia Sinica’s 2026 growth forecast is lower at 3.7%, with much depending on continued AI demand.

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Robin refers to past fundraising scandals such as Hongyuan and explains his view that only designated institutions under specified legal frameworks may raise funds from the general public. He believes most countries have comparable rules. Banks, insurers, and public companies have laws and supervisors intended to protect depositors, policyholders, and retail investors. Not everyone may simply collect public funds; small fraudulent or pyramid schemes should face stricter oversight. Taiwan’s startups have many other financing channels, including angels, VC, CVC, incubators, and accelerators that can refine business models and connect founders with appropriate investors.

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Robin’s supervisor asks how many companies with successful recent listings previously pitched at startup matchmaking events. Robin observes that earlier Taiwanese entrepreneurs often grew by solving customers’ practical problems: air-conditioning graduates moved into cleanrooms and semiconductor facilities, while engineers from major electronics firms and ITRI founded businesses after learning market needs. He calls for closer links between entrepreneurship, Taiwan’s core strengths, and its capital markets. A resource-limited island should focus on advantages rather than seek gold medals in every event. Ventures beginning overseas are different. For Taiwanese founders raising abroad, semiconductor work with TSMC may attract more interest than software platforms serving only Taiwanese customers.

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The opening reprint discusses young workers choosing stability over promises: 61.5% earn only enough for expenses, 13.2% feel financially comfortable, and 54% primarily want to keep their jobs. Leaders need to provide security. Robin adds that everything has an opportunity cost. Founders must produce results to attract and reward talent, not rely on visions alone. How different might an excellent employee’s wealth be after ten years at the startup versus TSMC? Investors’ capital also has an opportunity cost and needs sufficient returns to compensate for early-stage risk.

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The opening audio-summary excerpts argue that performance is often weakest in the year after fundraising, as attention shifts from doing the work to proving the company deserves the money. Robin adds that pursuing an excessive valuation, raising capital, then failing to deliver expected results pushes a team toward a cliff. Startups do not always starve; many overfeed themselves. Immediate hiring and advertising expansion can raise expenses before the organization, product, user experience, and sales are ready. Faster cash burn then makes the next funding round a harsh test.

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Robin agrees with Jian (簡老師)’s view that a venture developing in Taiwan should connect with Taiwan’s core strengths and stand on giants’ shoulders. He relays a senior VC colleague’s question: if an AI inquiry reports iCHEF revenue above 400 million, a return to profitability, and a one-billion acquisition by 91APP, does that anchor the ceiling for Taiwanese software startups at around one billion? For investors with limited capital, the question is where the highest potential return multiples can be created.

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Robin argues that entrepreneurship is not an exam. A tutor can summarize material and teach test-taking techniques, but a few startup classes or advisers cannot substitute for learning through practice. The middle reprint describes success stories as rough frameworks and urges founders to find their own path rather than copy appearances, using restaurant brands as examples. Robin concludes that even Jack Ma or Pony Ma could not reproduce Alibaba or Tencent in a different time and setting. Details change, and some teachers and advisers have no actual entrepreneurial experience.

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The opening reprint from Sam Altman argues that successful people have usually made at least one correct prediction others thought wrong. Self-belief needs self-awareness: hear criticism on the initial assumption that it is true. Robin adds that founders are often confident and optimistic. As a VC, he frequently tells them that his views are personal, and that if theirs differ, they should not let him override their judgment. Many VCs remain open to learning. Founders likewise need humility, respect for uncertainty, and openness, because entrepreneurship contains so many pitfalls they do not know they do not know.

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Robin observes business owners bombarded with claims that AI and digital transformation are essential for survival. Hearing AI discussed everywhere, they return anxious and announce adoption with only the vague aim of reducing costs and improving efficiency. Without understanding why, they soon confront data preparation, process changes, changing behavior, and disappointing benefits, then retreat. Leaders must understand their company’s problems and define the scope and boundaries clearly. If they cannot explain what they need, internal teams, advisers, and startups struggle to deliver.

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The opening passage relays views from Chen Zhiwu and Peter Thiel on venture capital’s role. Robin adds four observations: only around 1–2% of US startups receive VC, comparable to Taiwan and perhaps lower; VC is an alternative asset representing a tiny share of total financial assets, possibly below 0.1%; that capital nevertheless drives entrepreneurship, technological change, and economic transformation; and Taiwan’s large businesses, financial institutions, family offices, and wealthy individuals could allocate 1–2% of assets to early-stage and venture investment.

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Robin argues that a startup building at the application layer—on a technology giant’s platform—may lack strong barriers and differentiation. A better way to win is exceptional product quality and user experience. A competent team can produce a 60-point product, but a giant can casually do the same; matching it means losing. Differences emerge between 60 and 80, while winning truly requires 90 to 100, with each additional half-point to point extremely difficult. Use your product and competitors’ products as a user would, examining differences throughout the workflow and whether they actually solve users’ problems.

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After Apple announced Vision Pro, Robin considered the options for small startups around the world that had spent years developing a single technology, such as eye tracking or gesture recognition. Startups with outstanding, clearly leading technology could become acquisition targets. Strong technology, a comprehensive patent portfolio, and a capable team could also attract a buyer seeking next-generation development talent. Others with ordinary technology but valuable patents could sell those while they still had value. Most laggards would gradually disappear. Headset makers lacking a developer ecosystem or price advantage against Meta Quest 3 and Apple Vision Pro would, he expected, mostly exit.

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Robin discusses choosing between venture capital and corporate venture capital. Beyond the familiar concern of being labeled or forced to take sides, a large company has its own interests and long-term business considerations. He cites Alphabet’s investments in both Uber and Lyft, alongside litigation between Waymo and Uber, as an example of a delicate relationship. CVC seeks business synergies and explores deep integration, potentially exposing almost everything about a startup to a large company and creating new risks. Investment always involves trade-offs; keeping the relationship simpler is also a choice.

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Asked in a community discussion about the most unusual corporate investment he had heard of, Robin named South Africa’s MIH investment in Tencent. He describes MIH acquiring 45.5% from PCCW, IDG, and Tencent’s founders for around US$32 million in the internet downturn of 2001–2002, becoming its largest single shareholder before its stake declined. With Tencent’s peak market capitalization around US$500 billion, he calculates roughly US$100 billion in gains from that investment. He regards it as perhaps the greatest VC or CVC transaction in history.

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Robin urges platform founders to distinguish traffic brought by influencers, key opinion leaders, or teachers from traffic created by the platform. A star’s traffic can disappear as quickly as it arrives. He compares this with artist-management relationships: recording companies may continue selling recordings through their copyrights, while management contracts simply end. One early-stage approach is to offer favorable terms to attract top stars, quickly build the platform’s name, then distribute traffic to second- and third-tier creators and newcomers. Distinctiveness and a moat can create a platform flywheel. Without its own brand-driven traffic, a platform can be dominated by stars who move between platforms for better terms.

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The opening story about sociologist Corey Keyes illustrates how environment shapes people. Robin argues that Taiwan’s best may rank only in the middle in Asia and need enormous effort to keep up globally. He compares moving from Taiwan’s professional baseball league to Japan and Major League Baseball, and describes a software team of over 200 facing global competition despite leading Taiwan. Some ventures, such as semiconductors, can start in Taiwan because it has world-leading talent, customers, and technology. In fields where Taiwan has little global presence, founders should carefully consider targeting the world or their main market from the outset.

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Continuing his discussion of challenging industry consensus, Robin argues that the next technology giant will necessarily do things differently from today’s giants. To win, you cannot follow the existing winners’ rules; within their rules, you will always lose. Rather than hoping to do better, create something different. The world may not need a second Microsoft or Google, but many areas still need innovation and breakthroughs.

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Robin notes that most people were skeptical when Lei Jun announced Xiaomi would make cars, yet the SU7 sold over 120,000 in its first year. What impresses him most is Lei’s ability to catch up after entering late. Dozens of phone makers preceded Xiaomi, and electric vehicles also appeared to be a crowded market, but the team’s exceptional execution let it catch up. Other lessons—changing one’s thinking, setting aside pride, and learning from competitors—are offered for reference.

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Robin argues that semiconductors are Taiwan’s top priority and have put it in the global spotlight through choices about positioning, trade-offs, focus, and business models. With only 23 million people, Taiwan cannot do everything or win everywhere. China focuses resources on Olympic strengths such as diving and table tennis; South Korea knows its strengths in shooting and archery. Taiwan’s greater bottleneck is talent rather than capital. With fewer than 130,000 births a year, even if all those children entered semiconductor-related industries after graduating from college twenty years later, they might still not meet demand.

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Robin responds to the new digital affairs minister’s call for software companies to build products rather than take project work. Owning a product is preferable, but practical constraints matter. Trend Micro, founded in 1988, remains Taiwan’s most successful software company in his account, supported by Taiwan’s position as a computer-production powerhouse at the time. Semiconductors generate exceptional output, profits, and pay per employee and reach the world through supply-chain positions. Software lacks that structure and must actively reach global customers. Electronics companies have repeatedly spawned new ventures; software has yet to produce a similarly influential major company.

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Robin counts 2,243 companies on Taiwan’s main board, Taipei Exchange, and Emerging Stock Board as of August 31, 2025: 1,032, 855, and 356 respectively. That is roughly one for every 10,404 residents, potentially falling to one per 10,000 by year-end. He argues that becoming a Taipei Exchange-listed company is increasingly attainable: annual after-tax net profit of 30–50 million is around the middle range. The harder challenge is attracting sustained investor attention and investment after listing, with over 2,000 companies to choose from and alternatives including US stocks and cryptocurrencies.

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Using TNL Mediagene in October 2026, Robin questions the strategic direction of a Taiwan–Japan media group that merged, listed in the United States, and then agreed to sell its Japanese business. He compares its market capitalization, the transaction consideration, and DIGITIMES’ valuation, but the dates, exchange rates, and share-count bases have not been reconciled. The announced US$5.5 million is conditional total consideration including cash, debt treatment, and a note—not an immediate cash receipt of that amount. At announcement, the agreement still awaited closing. This article preserves the questions raised then, without drawing conclusions about valuation gaps or the future headquarters.

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This reprinted article on forward-deployed engineering discusses how B2B startups choose reference customers. Such customers provide revenue and peer endorsement, while field experience shapes product direction. Well-funded requests that build no reusable capabilities can consume the entire team. Robin adds that knowing which projects and customers to decline matters as much as knowing what to pursue. The Harvey and Palantir examples are relayed from the article and were not individually verified in this review. Their figures should not be read as achievements independently confirmed by this site.

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In this short commentary, Robin considers Taiwan’s place in global industry. He links its manufacturing strengths with an education system emphasizing standardization. Rather than trying to become another Silicon Valley, he argues that Taiwan should build industrial capabilities Silicon Valley cannot do without. This is an industrial-positioning view, not causal research connecting education and manufacturing strength or a guarantee of future competitiveness.

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This summary of Dedao’s audio discussion of 精進 considers activities through immediate benefits and how long those benefits last. It recommends allocating more time to learning and skills that accumulate over time rather than only immediate pleasure. Robin echoes this: choose things that accumulate, build on one another, and bring continued progress. The ‘benefit half-life’ is a thinking metaphor, not a scientific model that directly measures personal value. Games, entertainment, and reading cannot be judged solely by their labels.

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This summary of Dedao’s discussion of 精進 warns against preparing forever without finishing. A minimal product need not be a complete company or complex software; it can be a structured account of experience that others can use. Deliver something first, then improve it through feedback. Robin adds: learn and adjust by doing, rather than making unreadiness an excuse. The Thiel program described uses its early under-20 design; later rules differ, as explained in the source note. This is not encouragement to leave college and start a company without assessing the risks.

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This summary of Dedao’s discussion of 精進 starts with concise writing and the thinking it demands, then offers tables, lists, and deliberately introduced differences to break fixed problem structures. Robin uses the catfish effect as a metaphor: some conflict and new stimulation may disrupt organizational complacency. This does not mean more conflict is always better. No reliable historical evidence for the story of catfish keeping sardines alive was found in the review; it remains an unverified fable. The book edition and Jobs’s office example also await verification.

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This summary of Dedao’s discussion of 精進 argues that effort needs focus, resource allocation, and strategy as well as willpower. Barrel and learning-stage metaphors distinguish individual from team development and warn against staying perpetually at the starting stage in different fields. Robin distinguishes the two: organizations and production processes should identify and clear bottlenecks, while individuals entering working life need one or two outstanding strengths rather than being average at everything. This is a framework, not a law that every team’s performance is determined by its weakest member.